Expert calls for more consumer advice on credit cards

More people need consumer advice when it comes to credit cards, according to one expert, who said there may be need for a central watchdog to look over the sector.

Personal finance expert Ros Altmann told the BBC that as credit card rates hit an all time high of 18.8 per cent more people need guidance.

However, director of Credit Action Chris Tapp believes the real problem is that customers need more information before they commit to credit cards.

"Consumers should be given a clear voice on this but the customer should be looking after themselves. What we do is try to educate and inform consumers about products like credit cards so they can make sensible decisions about them," he stated.

In other news, the government is currently examining some of the charging methods used by card companies, although there are no plans to look at the level of the rates they charge.

More about consumer advice.

Posted by Libby Ward

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